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What are your New Years property resolutions?

By Kevin Kelly

Getting a better job, negotiating a bigger salary, getting married, getting fit. Australians all over the country set ambitious New Year's resolutions every year. 

But how about property resolutions? There's no better excuse than New Year to set property goals – so whether you're investing in property in Bunbury, downsizing or renovating – this is your chance. 

Downsizing or upgrading

Your home should always compliment your lifestyle and suit your needs and those things will inevitably change as you mature. That's why as you come into the New Year, it's worth asking yourself if it's time to downsize or upgrade. 

Downsizing is perfect for retirees or those with tight budgets. Buying a smaller Bunbury property could mean paying less maintenance costs, council rates and bills, as well as freeing up funds to pay for retirement or other lifestyle changes. 

Upgrading, on the other hand, will mean more space for new family members, or a more luxurious lifestyle, as well as a potential increase in costs. 

Renovating and additions

In the three months to June this year Western Australians made close to $145million worth of renovations and alterations to their homes, according to Australian Bureau of Statistics data. It's clear that us Western Australians love renos, so why not make improving your Bunbury property your New Year's resolution?

If you want to do it yourself on a small budget, while increasing the value of your home, Your Mortgage recommends:

  • Removing old door handles and installing modern brushed stainless steel knobs. 
  • Replacing old light fittings. 
  • Painting wooden frames white or off white. 
  • Installing a modern bath tub and toilet.
  • Replacing taps for more modern varieties. 

If you're keen on renovating, remember, you don't have to spend a lot to make your home look better and increase its value. 

Investing in Bunbury property

Bunbury's property market is in a strong position as 2017 comes to an end. In fact, Residex data shows that property prices here increased by 3 per cent over the year, and that the average rental yield for a house here is 4 per cent (while units yield 6 per cent on average). 

2018 could be the year you secure your financial future and either buy your first Bunbury property investment, or expand your property portfolio. Get in touch with the friendly, local team at Ray White Bunbury today for help making your property resolutions into reality, whatever they may be. 

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